NEW YORK Keystone
Consolidated Industries Inc. reported a modest pullback in net
income in the first quarter due to a $2.9-million lower defined
benefit pension credit.
The Dallas-based parent of
Peoria, Ill., wire rod and fabricated wire products
manufacturer Keystone Steel & Wire Co. posted net income of
$7.27 million, down 8.8 percent from $7.96 million in the same
period last year despite a 14.3-percent increase in sales to
But operating earnings (before
pension and other post-retirement benefit credits) improved 8.6
percent to $8.85 million from $8.15 million due to an increase
in shipping volumes, a higher margin between selling prices and
raw materials costs, increased productivity and lower utility
prices, the company said Tuesday, although it did not provide
detailed shipping volumes.
Keystones products are tied primarily to the
agricultural, industrial, cold-drawn, construction,
transportation, original equipment manufacturer (OEM) and
retail consumer markets.